Group 1 - Core viewpoint: Lepu Medical announced that it will not adjust the conversion price of its convertible bonds "Lepu Zhuang 2" during the board meeting held on December 5, 2025 [1] - Revenue composition for the first half of 2025: Medical devices accounted for 52.72%, pharmaceuticals for 33.16%, and medical services and health management for 14.11% [1] - Current market capitalization of Lepu Medical is 29.2 billion yuan [1]

| 证券代码：300003 | 证券简称：乐普医疗 | 公告编号：2025-109 | | --- | --- | --- | | 债券代码：123108 | 债券简称：乐普转 2 | | 乐普（北京）医疗器械股份有限公司 第六届董事会第十九次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 乐普（北京）医疗器械股份有限公司（以下简称：公司）第六届董事会第十 九次会议于 2025 年 12 月 5 日在北京市昌平区超前路 37 号公司会议室以现场及 通讯相结合的方式召开，会议通知于 2025 年 11 月 28 日以邮件、电话方式通知 全体董事。会议应出席董事 7 名，实际出席董事 7 名。其中，董事王其红先生 以通讯表决方式出席会议，独立董事甘亮先生因个人原因未能亲自出席，委托独 立董事王立华先生代为出席会议并行使表决权。本次会议召开符合《公司法》及 《公司章程》的相关规定。会议由董事长蒲忠杰先生主持。出席会议的董事审议 并以记名方式投票表决通过了如下决议： 审议《关于不向下修正"乐普转 2"转股价格》的议案 二〇二五年十二月五日 根据《乐普（北 ...

证券代码：300003 证券简称：乐普医疗 公告编号：2025-110 债券代码：123108 债券简称：乐普转 2 乐普（北京）医疗器械股份有限公司 关于不向下修正"乐普转 2"转股价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、截至 2025 年 12 月 5 日，乐普（北京）医疗器械股份有限公司（以下简 称"公司"）股票已触发"乐普转 2"转股价格向下修正条款。 2、公司于 2025 年 12 月 5 日召开第六届董事会第十九次会议，审议通过了 《关于不向下修正"乐普转 2"转股价格》的议案，公司董事会决定本次不向下 修正"乐普转 2"转股价格，且自董事会审议通过次日起至"乐普转 2"存续期 结束（即 2025 年 12 月 6 日至 2026 年 3 月 29 日），如再次触发"乐普转 2"转 股价格向下修正条款，亦不提出向下修正方案。 一、可转债发行上市概况 （一）可转债发行上市基本情况 经中国证券监督管理委员会出具的《关于同意乐普（北京）医疗器械股份有 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可[2021 ...

Core Points - The Shenzhen-Hong Kong Medical Index (983035) closed at 4554.17 points, up 0.2%, with a trading volume of 7.409 billion yuan and a turnover rate of 0.81% [1] - Among the index constituents, 38 stocks rose while 17 fell, with Yidu Technology leading the gainers at 3.5% and Mylab leading the decliners at 4.98% [1] Index Constituents Summary - The top ten constituents of the Shenzhen-Hong Kong Medical Index include: - Mindray Medical (sz300760) with a weight of 14.56% and a latest price of 201.62, down 1.17% [1] - Aier Eye Hospital (sz300015) with a weight of 11.62% and a latest price of 11.57, up 0.61% [1] - Lepu Medical (sz300003) with a weight of 4.85% and a latest price of 16.00, up 0.38% [1] - Aimeike (sz300896) with a weight of 4.80% and a latest price of 146.00, up 0.43% [1] - Yuyue Medical (sz002223) with a weight of 4.66% and a latest price of 36.25, up 1.54% [1] - Yingke Medical (sz300677) with a weight of 3.64% and a latest price of 43.48, up 0.95% [1] - Furuide (sz300049) with a weight of 3.59% and a latest price of 69.38, up 2.53% [1] - Meinian Health (sz002044) with a weight of 3.58% and a latest price of 5.27, down 1.50% [1] - Sinopharm (hk01099) with a weight of 3.35% and a latest price of 18.58, up 2.00% [1] - Ping An Good Doctor (hk01833) with a weight of 2.63% and a latest price of 13.53, up 1.22% [1] Capital Flow Analysis - The net outflow of main funds from the index constituents totaled 172 million yuan, while retail funds saw a net inflow of approximately 84.92 million yuan [3] - Notable capital flows include: - Sanbo Brain Science (301293) with a main fund net inflow of 26.77 million yuan [3] - Ruimait (301367) with a main fund net inflow of 16.21 million yuan [3] - Chutian Technology (300358) with a main fund net inflow of 11.20 million yuan [3] - The index constituents underwent an adjustment with one new stock added in the last ten days [3]

Core Insights - The brain-computer interface (BCI) industry in China is expected to enter a significant development phase by 2025, driven by strong policy support and capital investment [1][5][6] - The BCI sector has seen substantial investment activity, with 28 financing rounds completed in 2023, totaling over 5 billion yuan [1] - The A-share market has recognized BCI as a hot investment trend, with the BCI concept index rising by 52.13% over the past year, significantly outperforming the Shanghai and Shenzhen 300 index [1] Policy Support - The "14th Five-Year Plan" emphasizes BCI as one of the six key future industries, with a clear timeline for technological breakthroughs and industry development by 2027 and 2030 [5][6] - In July, a joint initiative from seven departments outlined strategies for BCI innovation and development, aiming to establish a robust industry ecosystem [5] - Shanghai has proactively developed a BCI action plan, targeting clinical applications and technological advancements by 2027 and 2030 [6] Market Performance - The BCI concept index (8841700.WI) has shown a remarkable increase, with notable stocks like Innovation Medical and Hanwei Technology experiencing gains of 170% and 139.48% respectively [2][1] - A total of 24 A-share companies are involved in the BCI sector, with an average revenue of 3.43 billion yuan and an average net profit of 431 million yuan for the first three quarters of the year [11] Industry Landscape - The BCI industry in China is rapidly evolving, with over 800 core enterprises identified, positioning China among the leading countries in this field [8] - Recent clinical trials, including the first invasive clinical trial in China, indicate significant advancements in BCI technology [8][9] - The launch of the "North Brain No. 1" GCP multi-center clinical trial marks a new phase in large-scale clinical validation of BCI systems [9] Company Developments - Companies like Lepu Medical and Aipeng Medical are actively pursuing commercialization of BCI products, with Lepu focusing on deep brain stimulation devices and Aipeng on EEG collection products [12][13] - Aipeng Medical has established a joint laboratory for ADHD treatment, indicating a focus on integrating BCI technology into clinical applications [13] - Recent regulatory changes, including the establishment of a "green channel" for insurance coding of innovative medical products, are expected to accelerate the clinical application of BCI technologies [13]

Core Viewpoint - Lepu Medical announced that from November 16 to November 28, 2025, its stock closing price has been below 80% of the current conversion price for 10 trading days, which may trigger the downward adjustment condition for the "Lepu Convertible Bonds" conversion price [1] Summary by Sections - Stock Performance - The company's stock closing price has been below 22.29 yuan per share, which is 80% of the current conversion price [1] - Corporate Actions - If the adjustment condition is triggered, the company will hold a board meeting on the triggering date to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1]

Core Viewpoint - The company has entered into a CDMO service framework agreement with Lepu Medical, aiming to utilize excess production capacity more effectively and generate additional cash flow for the group [1] Group 1: Agreement Details - The agreement was signed on November 28, 2025, between the company and Lepu Medical [1] - The company and/or its subsidiaries will provide CDMO technical services to Lepu Medical and/or its subsidiaries [1] Group 2: Strategic Implications - The agreement allows the company to better utilize its surplus production capacity when suitable business opportunities arise [1] - The board believes that entering into the CDMO service framework agreement will enhance the overall cash flow for the group [1]

Core Viewpoint - Lepu Biopharma-B (02157.HK) has entered into a CDMO service framework agreement with Lepu Medical, aiming to utilize its excess production capacity more effectively and generate additional cash flow for the group [1] Group 1: Agreement Details - The agreement was signed on November 28, 2025, and involves the provision of CDMO technical services by the company and/or its subsidiaries to Lepu Medical and/or its subsidiaries [1] - The company operates a GMP-compliant bioreactor production line that has been in operation since the end of 2019 [1] Group 2: Production Capabilities - The group has a comprehensive production setup, including upstream antibody raw material production lines, formulation production lines, and other facilities that meet GMP standards, ensuring high-quality drug production [1] - The company has a well-established production management structure and a professional production team with rich experience, complementing its production facilities [1] Group 3: Strategic Implications - The board believes that the CDMO service framework agreement will allow the group to better utilize its excess production capacity, which is essential for meeting its own clinical trial and commercialization needs [1] - The agreement is expected to provide supplementary cash flow to the overall operations of the group [1]

证券代码：300003 证券简称：乐普医疗 公告编号：2025-108 债券代码：123108 债券简称：乐普转 2 乐普（北京）医疗器械股份有限公司 关于预计触发"乐普转 2"转股价格向下修正条件的 提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 5、自 2025 年 11 月 16 日至 2025 年 11 月 28 日，公司股票已有 10 个交易 日的收盘价低于当期转股价格的 80%（即 22.29 元/股），预计触发"乐普转 2" 转股价格向下修正条件。若触发修正条件，公司将于触发条件当日召开董事会审 议决定是否修正转股价格，并及时履行信息披露义务。敬请广大投资者注意投资 风险。 一、可转债发行上市概况 在本次发行的可转换公司债券存续期间，当公司股票在任意连续三十个交易 日中至少有十五个交易日的收盘价低于当期转股价格的 80%时，公司董事会有 权提出转股价格向下修正方案并提交公司股东会审议。上述方案须经出席会议的 股东所持表决权的三分之二以上通过方可实施。股东会进行表决时，持有本次发 行的可转换公司债券的股东应当回避。 （一）可 ...

Core Viewpoint - Lepu Biopharma-B (02157) has entered into a CDMO service framework agreement with Lepu Medical, aiming to utilize excess production capacity more effectively and generate supplementary cash flow for the group [1] Group 1: Agreement Details - The agreement is set to commence on November 28, 2025, and involves Lepu Biopharma and/or its subsidiaries providing CDMO technical services to Lepu Medical and/or its subsidiaries [1] - The framework agreement is designed to meet the drug production needs for clinical trials and commercialization, while also allowing the company to capitalize on suitable business opportunities [1] Group 2: Financial Implications - The board believes that entering into the CDMO service framework agreement will enable the group to better utilize its surplus capacity, thereby contributing to overall cash flow generation [1]